Singapore has seen increasing investments from India, China, and Southeast Asia in recent years even as the U.S. remains its largest investor, its investment chief said on Thursday.
"Southeast Asia is expected to grow 4% to 5% this year alone," said Singapore Economic Development Board (EDB) Managing Director Jacqueline Poh during a LSEG and Reuters Newsmaker event in Singapore.
However, she warned that the EDB was expecting a more muted 2023 in terms of investments, after a record 2022 where Singapore secured S$22.5 billion ($16.5 billion) in fixed asset investments, with more than 66% coming from electronics manufacturing projects.
"The main driver for investments was actually the semiconductor super cycle," Poh said, though that sector is now facing shrinking demand.
Singapore currently accounts for 11% of the global semiconductor market, with 20% of global semiconductor equipment manufactured in the country.
She told the audience that the EDB was focusing on increasing "green finance" and renewable energy investments, including in the solar, wind and hydropower sectors.
(S$1 = $0.734977) (Reporting by Fanny Potkin; Editing by Jacqueline Wong and Christian Schmollinger)